Mining Weekly reported that a spike in cobalt supply will put downward pressure on prices in the second half of 2013.
As quoted in the market report:
This project, along with the opening of Highland Pacific’s Ramu nickel/cobalt operation in Papua New Guinea and a ramp-up in supply from Freeport-McMoRan Copper & Gold’s Tenke Fungurume in the Democratic Republic of Congo is expected to keep cobalt prices weak in coming months.
|Formation Metals Inc. (TSX:FCO,OTCQX:FMETF) primary asset, located in the mining friendly state of Idaho, is the 100% owned, Idaho Cobalt Project. The ICP is a unique, high grade, primary cobalt deposit which is comprised of the mine and mill site and the proposed refining facility, the Cobalt Production Facility, a stand-alone hydrometallurgical facility that will process the ICP Mine concentrates into cobalt sulfate, copper sulfate, copper concentrate, magnesium sulfate and gold. Connect with FCO to get their latest news instantly.|